Panic at the Disco!

in LeoFinance3 years ago

High Hive Hopes for a livin'

Mama said
Fulfill the prophecy
Be something greater
Go make a legacy
Manifest destiny
Back in the days
We wanted everything, wanted everything

Do you think Hive belongs in the top 40?

I do, in fact at this point it's not even difficult to justify top 20 or even top 10. Hell, even Dogecoin is #13 at the moment, and I don't even have any qualms with that. Community stronk.

Easy there, tiger

But only assuming just a top 40 ranking, Hive would essentially have to go x20 while the market stands still ($2B+ market cap). Think about that for a second, because that's a token price of $6 or more.

In other words, Hive needs to be trading near all time highs again to even be close to being valued "correctly" (at least relative to other networks). This makes sense considering many alts are indeed already trading at all time highs.

t1.png

Mama said
Burn your biographies
Rewrite your history
Light up your wildest dreams
Museum victories, everyday
We wanted everything, wanted everything

So Bitcoin pierced $50k today and was IMMEDIATELY rejected. We are still in a bullish ascending channel after the announcement of Tesla buying $1.5B, but something interesting happened during the "crash". Altcoins panicked pretty hard and dumped significantly, even though Bitcoin technically lost 0% of the value it had 24 hours ago.

This signals to me that we've had a large enough alt-market to provide a buffer for Bitcoin again. Bitcoin is consolidating under unit bias, and alts are trading scared and reentering Bitcoin at this level. This implies that the market is worried that Bitcoin is about to run up again before the rest of the alts, as it often does.

My name's Blurry Face and I care what you think.

Wish I could turn back time, to the good ol' days...


Are the good ol' days of 2017 upon us?

I mean that's what we've been predicting for 3 years now.
4-year cycle stronk.

Everyday I'm shufflin'

Gotta say: it was pretty weird going to work last night knowing I was essentially up two year's worth of salary in a single day "gambling" on crypto. Being in control of 212k Hive is no joke. I only expect things to get crazier as we approach the end of the year. I'm quite determined to HODL stronk until then. Considering how volatile we all expect the market to be, such a simple task may prove quite difficult.

Also, Disney bought the rights to Firefly and they might reboot it. Considering their success with Star Wars (Mandalorian) and whatever else... should be interesting.


Insert real content here:

As the value of crypto moons during the mega-bubble year due to a crippled legacy economy, the corporate rats sharks jumping ship, and the inevitable supply crunch:

Security and Privacy are more important than ever.

So imagine someone has $10k worth of whatever crypto. Their security might be fine for such a relatively small amount, but say the value of said crypto goes x100. Is that same security good enough for $1M? Probably not.

We already saw what happened simply by Ledger getting hacked while storing information they absolutely should not have been: Death threats and legit kidnappings. Give me your crypto or else!

privacyprivatekeylock.jpg

As I've stated many times before: being involved with crypto right now is like driving a car with a cop behind us. We can literally try our hardest to do everything right, but can get pulled over for any reason (legit or not). It becomes clear that the smartest thing to do is avoid attention altogether. This requires privacy features to accomplish.

It's easy to look at a platform like Hive and think: Wow! This network doesn't have any privacy! We are building reputations from public accounts using screennames as wallets. It doesn't get much more open than that.

While this is true, there are many unique features on Hive that we can utilize to improve privacy/security in a variety of ways.

  • The ability for any account to create a new account. This didn't always used to be the case, and onboarding was a huge problem when Steemit Inc was taking weeks to validate new accounts.
  • Multi-tired Key security: we can create singular wallets that are controlled by multiple people. Giving someone your posting key doesn't compromise money transfers, and giving someone your active key doesn't compromise ownership of the account or put powered up funds in jeopardy.
  • In fact, we don't even have to share the key itself, and can give other accounts permission to use those functions without revealing our passwords. Can you imagine being able to reveal your Bitcoin private key to the world without having to worry about it being stolen? Hive tech is a lot stronger than many give credit for.
  • Account recovery: Again, imagine losing your cryptocurrency private key, but there's still a way to recover the value being stored there. Most people take this feature for granted, but how many networks can actually do this? The only ones I know about are the ones @dan created. DPOS strong.
  • Owner Key: This key allows any key to be changed. Again, this feature is almost exclusive to Hive and a few other DPOS chains. The ability to change keys means an account can keep the same wallet, while allowing that account to change owners, affectively turning accounts themselves into NFTs to be bought/sold on the open market.

heart.png

Love Handles

It seems like such a stupid idea, and it doesn't need to exist for at couple years at least, but this is a project that for some reason I'm thinking more and more about. Creating a market so users can easily buy/sell/trade accounts will be a crucial service for Hive somewhere down the line. As a gamer, I know this for a fact.

As far as it pertains to privacy, this is a huge deal. When we make a transaction on Bitcoin, every transaction that gets made on that wallet is connected, and it is assumed that only one person has access to that wallet. If they identify themselves all the history of that account is linked to that one person. This is not private, and privacy is a core foundation of fungibility; an absolutely required attribute for currency.

On Hive, this entire system of blockchain analysis can be rendered quite useless. How? Every time we change the keys to an account it is possible that account has a new owner and can't be linked to the previous owner.

That's a pretty significant difference when compared to other networks. By having a website available that makes these transitions simple and easy, it becomes much more believable to the outside looking in that indeed ownership is changing (or there is at least a significant chance that it did).

Ideally we need to allow anyone to have access to multiple anonymous accounts. Imagine being able to pop on to the LoveHandles website and gain access to any one of the thousands of accounts available there? Sounds pretty private to me, and that privacy spills over into the network at large and creates all kinds of questions when regarding who's who.

This is a pretty good analogy of crypto being the aircraft that carries us away from the financial disaster that is the legacy economy. Not your keys, not your crypto. Those who have a standby ticket (aka buy crypto from centralized custodians) are not guaranteed a seat. We must be our own advocate (central bank). Education as an investment: yada yada yada.

I can't find it, but somewhere in the video Andreas holds up a poorly-built paper airplane and compares it to a hardware wallet that was built on a standard operating system (say windows or even Linux). Predictably, the airplane crashes into the desk before flying anywhere.

I like Andreas, and I have learned a ton from him: especially how crypto is "supposed" to operate. He's very good at spelling out the ideals of this movement in terms that a wider audience can understand.

However, I would be lying if I didn't feel personally attacked by this offensive display of my paper airplane crashing into the mountain.

https://peakd.com/utopian-io/@edicted/steem-airgap-hardware-wallet-utopian-io

I mean he was basically talking direct trash about my idea as if it could never work. I'm willing to give him a free pass because he's so all-in on Bitcoin and doesn't yet realize the power of the Hive blockchain.

We absolutely CAN build a hardware wallet on standard equipment like Raspberry Pi and Linux. We'll be able to get away with it because the device never connects to the Internet, ever. (And we even have recovery as a failsafe backup).

Konamicodegamingnintendo.jpg

Airgap strong: my vision

Imagine getting a Raspberry Pi in the mail that is secretly an airgapped hardware wallet for your Hive account. How is it a secret? Well, the frontend is really just an old-school RetroPie Nintendo / Super-Nintendo emulator. So you can use the thing to play old video games, but it is also secretly your hardware wallet.

You grab a controller and punch in a special code: maybe something even as obvious as the Konami code shown above:

BOOM!

The hardware wallet becomes active and you can now use the device to forge a public Hive transaction on the completely offline device. The hardware wallet may or may not even store your keys, and I plan on creating a system that makes it easy to remember 12-word seeds.

How does the offline transaction created on the diversionary RetroPie make its way to the Internet? Simple, click a button, a QR code pops up, you scan the QR code with your phone, and boom: transaction sent to the Hive blockchain, and the private key was never exposed because all information traveled through the airgap via the QR code. It was already signed by the private key before the code was generated.

Even if the device in question was hacked, how would the hacker get access to the private key? The only information that leaves the device is stored in the QR code output to the screen, so not only would the RetroPie need to be hacked, but also the phone that scans the QR code and broadcasts it to the network.

Even in the event of both devices being hacked, it is not unreasonable to think we could vet the QR code with another offline device, meaning all three devices would need to get hacked just for liquid coins to be stolen. Again, stealing the powered up coins would require the recovery process to fail.

So as smart as Andreas Antonopoulos is about Bitcoin, he really has no idea about the gold mine we are sitting on over here. We have all the tools to cut all the corners, getting maximum efficiency while still having enough decentralization to curb network corruption. Hive just may have the perfect combination of tradeoffs with first-move advantage, and nobody seems to realize it yet.

And I haven't even begun to talk about the tokens and dapps created on Hive (LEO anyone?).

Development is happening here at lightning speeds. And that development will explode into the atmosphere once the mega-bull run is in full affect. These networks fund themselves, and they can't go bankrupt like a corporation because their communities will not allow it and keep it afloat through various sacrifices and extremely reduced overhead costs. This is the advantage of being our own central bank.

Conclusion

Why am I so panicked about privacy and security? Imagine crypto goes 10x... 100x... 1000x. That's legit terrifying. I assure you none of us are prepared for that responsibility, yet it could be right around the corner. Planning for the future has never been more important.

Posted Using LeoFinance Beta

Sort:  

cryptoblogsforsale

that's what I would call the buy and sell blog site if I started it. I've been thinking about it for a while now.

Creating super niche blogs, and having them for sale for anyone who wants to blog but "can't find what to write about."

Your posts give me FOMO - then I have to remember to pace myself and work for the looooooooong run.

Posted Using LeoFinance Beta

... Disney bought the rights to Firefly and they might reboot it.

As a family-friendly series! Aaarrgghhhh. This is wrong on so many levels. I need to be able to swear in Chinese.

Gotta learn more about Raspberry Pi...

Posted Using LeoFinance Beta

Omg a Nintendo emulator as a wallet!? Make this now! I can’t wait for my password to be my favorite game genie code (not up up down down left right start)

I know right... it's a lot of work but would definitely be worth it if I had a team ready to make it happen.

Posted Using LeoFinance Beta

You sound like an aspiring Elon Musk of Hive with those wacky but awesome ideas. Btw how do you onboard people, I see you showing up on penguinpablos posts. That's not from room service, right?

This kind of goes in line with the post I just did about making sure this shit is all documented in case we die. What if crypto goes 10x from here and boom you die. You better hope your family has access so it doesn’t go to shit!

I’m curious what Andreas uses for his offline storage of his crypto if he thinks hardware wallets are shit lol

Yeah for real... every year that goes by inheritance becomes more and more relevant.

Andreas likes hardware wallets, they just have to use custom operating systems and code so they can't be easily hacked. However, the airgap kinda fixes all those vulnerabilities.

Wow that was a big blog with a few different topics. I think it was really well put around the value of the coin. I do wonder why Hive hasn't peaked. Coins often when released hit a peak and they often get back to it.

Hive has struggled over the period. I have noticed DNT keeps climbing but I'm not certain what that actually is other than a decentralised web but I believe websites are also included.

I think it too will peak but then drop.

In regards to Alts I think there is a new market bottom. Even as we sit in this low a few of the coins/tokens I've invested in haven't bottomed out to what I purchased them at. There is still some really strong growth in the sector. Have a look at Polkadot.

I sold a few to buy Leo. I still think it was a valued swap but no doubt that will continue to surge to a few hundred dollars.

Bitcoins rejection just means its market has slowed but this will peak again in coming weeks as back log of purchasers enter.

A recent survey of execs indicated that corporations were currently altering business models to have holdings in Bitcoin.

This year will be the year of either market acceptance or rejection.

Let's see where it goes.

Posted Using LeoFinance Beta

It is crazy to think about the second layer stuff that is going on. For so long my Hive account was only valued by the estimated account value in my Hive wallet. Now we have all of these other tokens like LEO that I always forget to include when I am considering the value of my account. It is definitely a paradigm shift and a different way of thinking.

Posted Using LeoFinance Beta

Love this discussion. The using the airgap for a wallet seems a brilliant idea .

Hive belongs in top 3 imo. BTC, ETH then Hive. I remove stablecoins form rankings, so tether could be first and it wouldn't matter.

Chainlink is arguably more important than hive, but they still have a lot of work to do to become an oracle for every chain.

Polkadot Cardano have nothing to show yet. BNB is centralized. Doesn't mean those coins are not a good buy (I think they're a good bet, and own chainlink and BNB for example), just that we're still waiting for things to go right in the future.

Cosmos, uniswap are only valuable because of governance, I'm not a fan of that.

Don't get me started on litecoin, dogecoin, monero, etc...

Hive needs more adoption to start rising, and it also needs to face a lot of profit taking. No matter fundamentals, people will sell after a 10X. So getting into the top 40 won't be easy, but long term it should be, unless other coins start showing results.

People buy/sell/trade facebook groups, twitter handles, etc etc. so a service like that for hive accounts makes a lot of sense for the future.

Posted Using LeoFinance Beta

exactly... and the thing with crypto is that we can do these things permissionlessly on the base layer... whereas when you try to do them on centralized services like Twitter or World of Warcraft it is always some niche third-party site that not many people know about and requires a fair amount of trust.

toruk_washere_bonus.jpg

More info why you see this.

Posted Using LeoFinance Beta

I've been imagining hive going 100x for many years now, I'd rather we have those problems than just theorize about them

I am so looking forward to being terrified !

Posted Using LeoFinance Beta

This stuff just keeps on getting more interesting...

You're absolutely right about the threats you mentioned if/when HIVE goes up 10x to 100x. The feature set we already have is pretty awesome and exceptional in the blockchain space.

Pseudonymity and privacy are of importance and I have to say that anyone who is not pseudonymous, shares too many details of their personal lives on Hive and has serious wealth on chain is putting themselves and their families at undue risk.

Having everything powered up offers a fair bit of protection against kidnapping and extortion because a full powerdown takes 13 weeks.

Posted Using LeoFinance Beta

I completely agree. As crypto bags get bigger by incredible factors of multiplication, security becomes paramount. Privacy is important as well, and I said that on more than one occasions.

Posted Using LeoFinance Beta

Congratulations @edicted! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You received more than 32000 HP as payout for your posts and comments.
Your next payout target is 33000 HP.
The unit is Hive Power equivalent because your rewards can be split into HP and HBD

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out the last post from @hivebuzz:

Hive Tour Update - Advanced posting
Valentine's day challenge - Give a badge to your beloved!

All I can say is: In Hive I trust.

Posted Using LeoFinance Beta

Indeed... I have thought about it many times actually. And how many people could suddenly "Not have a life". Planning, exercising possible scenarios is a very important strategy for who already is playing with this for enough time.

I have done a couple things already, but I confess that it becomes hard to narrow up once you feel comfortable interacting with the technology.

Posted Using LeoFinance Beta

Yes @edicted, I think Hive belongs in the top 20, for sure. Do I see that actually happening?

Conditionally, yes... but the condition has to do with something I've alluded to a few times: Hive is increasingly starting to look like a "utility" coin, and that's actually not surprising given how many are out there promoting all the things you can DO with Hive. The problem with that is so many of the fickle "fortune chasers" out there don't think utility coins are nearly as "sexy" as some pie-in-the-sky vaporware outlined in a White Paper filled with tall promises, conceived by a group of squirrels on crack.

So assuming a value shift to where actual utility and viability of blockchain projects are evaluated seriously as part of what moves prices, yes it will happen. But that's gonna be a long haul. The price of Hive pretty much doubled in a month, but we only moved up maybe 10-15 places in the Coinmarketcap rankings because — as they say — "a rising tide lifts ALL ships."

As for wallets, security and such... I'm pretty sure the technology already exists to create something like this:

A combined hardware/software wallet that's basically the size and shape of a credit card, has a screen, built-in wifi, biometric lock (Fingerprint? Retina?) and a few other things. The reason I say "software" is because you'd give it an operating system so you could actually load your favorite wallet(s) onto it, and connect to your favorite exchanges... the hardware would be cross-platform compatible, but you'd basically "build your own," according to YOUR needs as a user, from neophyte to serious trader. Ostensibly, you could also chip it so you could use it for payments like a standard touchless credit/debit card... and voila," you're paying with crypto everywhere!

It's what the industry needs, not just because it's cool, but because it would break down a whole lot of current barriers to entry. As for the chorus of "decentralization maximalists" out there, the REASON there's pretty much only Visa, MasterCard and American Express branded cards out there — rather than 6000 different brands — is that the mainstream won't mass adopt anything that's too complicated.

Sorry about the bloggy length reply... but your post really got me thinking about this.

=^..^=

Posted Using LeoFinance Beta

It's Nine in the afternooooonnn, you are eyes like sizeddd as the mooon, you could cause you can so you doooo!

Posted Using LeoFinance Beta